Browsing: Early retirement

Q. Early retirement was offered at our agency with a must-separate date of Aug. 3. Can that day be extended to Dec. 31 by our associate commissioner or the Office of Personnel Management if you are working on a specific project important to the agency? A. No.

Q. I will have 30 years with the U.S. government on May 24 (28 years with the Navy as a civilian employee). My minimum retirement age of 56 will not be met until Nov. 25. With the budget fiasco going on, might I be able to negotiate an early-out with the following at my 30-year service computation date: 1) A waiver of the MRA and retire in May. 2) Full Voluntary Separation Incentive Pay. 3) Full special retirement supplement. What do you think of this?

Q. I am 48 and have 30 years of federal service. I work for the Department of Veterans Affairs and have not heard any discussions about buyouts, early outs, etc. What options do I have for early retirement, buyout, resign, etc.? In my opinion, if someone has worked 30 consecutive years, there should be no minimum retirement age. A. That may be your opinion, but it isn’t the law. If you want to leave before you meet the age and service requirements to retire, you can do that. You have two choices. You can either stick it out until you…

Q. I am 64 with 9.5 years under FERS, but it was split up after 4.7, then a few years later I returned and now have 4.8 years. Could I retire on an immediate retirement and be able to take my Federal Employees Health Benefits along with me? I know if there was an early-out/buyout offer, I could. I was given a service computation date of Feb. 4, 2004. A. You could retire on an immediate annuity because you are at least age 62 and have at least five years of service. And you could carry your FEHB coverage into…

Q. I’m a 53-year-old CSRS employee with 34 years of service. I may have the option of an early-out in May. I would like to carry my Federal Employees Health Benefits into retirement. I will choose no survivor benefit, but I would like to have my wife keep my insurance after my death. Can I do this? A. No, you can’t. To be eligible to continue her FEHB coverage, she would have to be covered by the self and family option when you die and be entitled to a survivor benefit. Note: You are required by law to provide a…

Q. I have 27½ years in the Postal Service and I am 52½ years of age. If an early-out comes in the next few months, will I get a penalty for leaving? Do I get my special retirement supplement, or do I have to wait for that? Also, do I get to take my Thrift Savings Plan now, or do I wait for that? A. Reg: If you were offered an opportunity to retire early, you have the age and service needed to accept it. If you did, you wouldn’t be subject to the age penalty and you’d be entitled…

Q. I am so totally lost in all of this early retirement and buyouts and furloughs. I have 33 years of service with the government and am 55 years old under CSRS. Not sure which to apply for or wait until our office gives us reduction-in-force notices if our office is going to reorganize, restructure. Would I be eligible for early buyout with full benefits come May? A. You really are lost! However, everything should be clearer when I tell you that you can retire anytime you want to. That’s because you have the age (55) and service (at least…

Q. I may be offered an early-out in May. I have been working for the Army Corps of Engineers for the past 34 years. I’m a CSRS employee. If I take the buyout and have a chance to go work for FEMA or the U.S. Forest Service fighting fires out west this summer, can I do this without paying back the bonus? A. According to the Office of Personnel management, “An employee who receives a [Voluntary Separation Incentive Pay] and later accepts employment for compensation with the Government of the United States within five years of the date of the…

Q. I am 61 years old. I have more than 17 years of civilian service. I would like to retire early by age 62. Is this an option with MRA+10? Voluntary early retirement is not an option yet. A. At age 62, you could retire on an immediate, unreduced annuity with as few as five years of service.

Q. I am a FERS employee with 25 years of service (21 Postal Service, four military, which I bought back). I am 45 years old. As a FERS employee, will I be penalized 2 percent or 5 percent a year for accepting an early-out offer? If so, what other penalties will I face? A. If you accept an offer of early retirement, you won’t be subject to the age penalty. And there aren’t any other penalties that would apply.

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